We protect you as investors
Trading at Börse Stuttgart is subject to public law. The goal: to offer you as investor a great measure of protection as well as a reliable and transparent securities trading environment. In a number of different ways.
1. Proof of quality: the “Exchange Price”
Any price determined on Börse Stuttgart counts as an “exchange price”, meaning it meets the proof of quality set out in the German Exchange Act: You can therefore be certain that we execute your order in line with clearly defined rules and that the Trading Supervisory Office closely scrutinizes how the price was calculated and the transaction settled.
2. Fixed rules
The German Exchange Act, the Exchange Regulations, the terms and conditions, and other Börse Stuttgart rules and regulations create firm parameters within which trading takes place.
These include, for example
- Equal access for all trading participants
- Equal treatment of all participants in price calculations by the electronic trading system
- Fair price calculations
- Reliable handling of stop orders
- Comprehensive information for investors on trading transactions
- Transparency of market activities
- Extensive end-to-end supervision of trading
- Due and proper settlement of exchange transactions
Trading in investment and leveraged products in the Euwax segment is subject to additional regulations at Börse Stuttgart such as special knock-out regulations and clearly defined mis-trade rules. These are designed to do full justice to the specificities of these asset classes.
3. Exceptional transparency
All prices, price add-ons and trading volume recorded on Börse Stuttgart are displayed on our Website in real time for each of the various securities. This also applies to non-binding buy and sell prices posted continuously – and which support you the investor in your buy and sell decisions as indications of future prices. Transactions closed can be followed for each day anew and retrospectively via our Times & Sales list and the online quotations list.
For the securitized derivatives listed in the Euwax segment, we also provide by-the-second market-maker* quotes for the last 12 months. This enables you to check for yourself whether your order was executed within the quote range given for the respective point in time – in keeping with Börse Stuttgart’s best-price principle.
(* “market maker” in the sense of the Exchange Regulations)
4. Independent watchdog
Investors can often themselves not check whether their orders have been settled fairly. Which is why they have to rely on independent and/or government agencies monitoring trading transactions and guaranteeing that they are duly and properly carried out. At Börse Stuttgart trading is monitored by our in-house Trading Supervisory Office and by the Exchange Supervisory Authority attached to the Baden-Württemberg State Ministry of Economics, Labor and Housing Construction. Additional duties as regards market manipulation and insider trading are discharged by BaFin, the German Federal Financial Supervisory Authority. All three watchdogs have extensive rights to investigate and examine trading activities.
5. Sanctions for violations
The Börse Stuttgart Sanctions Committee can initiate proceedings against trading participants in the event of violations of the regulations or decrees under the Exchange Act. The proceedings can lead to a reprimand, a fine of up to EUR 250,000 or expulsion from the exchange for up to 30 trading days. Moreover, in the case of severe violations of their duties, Börse Stuttgart’s management can bar a participant from the exchange permanently.